General reserve shows a balance of 30,000. The profit sharing ratio of X, Y and Z is 3:2: 1. The capital ratio is 2:3:1. The amount transferred to realisation A/c is -

30000

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20000

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10000

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Nil

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Solution

The correct option is D
Nil

The general reserve is shared by the partners according to their profit sharing ratio and not transferred to realisation a/c instead transferred to partner's capital a/c.

The amount transferred to realisation A/c is NIL.

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[2 marks]

Q. X and Y are partners sharing profits in the ratio of 2 : 1. On 31st March, 2019, their Balance Sheet showed General Reserve of ₹ 60,000. It was decided that in future they will share profits and losses in the ratio of 3 : 2. Pass necessary Journal entry in each of the following alternative cases:
(i) When General Reserve is not to be shown in the new Balance Sheet.
(ii) When General Reserve is to be shown in the new Balance Sheet.

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General reserve shows a balance of 30,000. The profit sharing ratio of X, Y and Z is 3:2: 1. The capital ratio is 2:3:1. The amount transferred to realisation A/c is -

The correct option is D Nil The general reserve is shared by the partners according to their profit sharing ratio and not transferred to realisation a/c instead transferred to partner's capital a/c. The amount transferred to realisation A/c is NIL.

The correct option is D
Nil

The general reserve is shared by the partners according to their profit sharing ratio and not transferred to realisation a/c instead transferred to partner's capital a/c.

The amount transferred to realisation A/c is NIL.